New Delhi, 10 July (Hindustan Times). After Foxconn pulled out of India’s semiconductor joint venture with Vedanta, Union Minister Rajiv Chandrasekhar has said it will have no impact on India. Rajeev Chandrasekhar tweeted that Foxconn’s decision to pull out of its joint venture with Vedanta will have no impact on India’s semiconductor fab targets. On Monday, Taiwan’s Foxconn announced that it had pulled out of a $19.5 billion semiconductor joint venture with Indian conglomerate Vedanta.
In his statement, Union Minister Rajeev Chandrasekhar further said that it was well known that both the companies did not have any prior SEMCON experience or technology and were expected to get the FAB technology from the tech partner. While their JV VFSL had originally submitted a proposal for a 28 nm fab, they could not find a suitable technology partner for that proposal.
He said that it is not the business of the government why or how it chooses or does not choose to partner two private companies. In simple terms this means that both the companies can and will pursue their strategies in India independently and with the appropriate technology partners in SEMCON. ,
